How much is the budgeted balance for Accounts Payable at October 31, 2022? National Company reported the following information for 2022:NovemberP220,000P128,000O ctoberP230,000Budgeted purchases P120,000DecemberP270,000P144,000Budgeted sales-Cost of goods sold is 35% of sales.- National purchases and pays for merchandise 60% in the month of acquisition and 40% in thefollowing month.-Accounts payable is used only for inventory acquisitio ns.

Account payable means the amount owed by business to outsider for the goods received and services…

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How much is the budgeted balance for Accounts Payable at October 31, 2022?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How much is the budgeted balance for Accounts Payable at October 31, 2022?

National Company reported the following information for 2022:
November
P220,000
P128,000
O ctober
P230,000
Budgeted purchases P120,000
December
P270,000
P144,000
Budgeted sales
-Cost of goods sold is 35% of sales.
- National purchases and pays for merchandise 60% in the month of acquisition and 40% in the
following month.
-Accounts payable is used only for inventory acquisitio ns.

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